There were no changes to the maturity date of either facility, which are both due in 2026.
Vince Phelan, CFO of Saks, said, “The additional capital provided under these facilities significantly enhances our financial flexibility and ability to support future growth initiatives. We believe that securing this additional financing reflects confidence in our strong foundation and positive momentum as we position Saks to lead in luxury e-commerce. We are pleased to further strengthen our relationships with Bank of America, Pathlight and the entire syndicate and thank them for supporting our business.”
The upsized asset-based revolving credit facility will continue to help fund the company’s working capital needs and will be used for general corporate purposes.